PEDC News

Equinor deepens in offshore wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia.

This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % interest in Bałtyk II and Bałtyk III.

"We are very pleased to further deepen our presence in Poland and to work with Polenergia, which is an experienced energy company with an in-depth knowledge of the Polish energy market. This acquisition strengthens our presence in the Baltic Sea area giving opportunities for scale and synergies in a longer perspective,” says Jens Økland, Senior vice president for strategy and business development in New energy solutions in Equinor.

The project is in an early stage and the companies will form a 50/50 joint venture to further mature the project towards future auction and final investment decision (FID) with Equinor being the manager for the construction preparation and the potential construction and operational phases.

The Bałtyk I offshore location license allows for a development of a wind farm with a capacity up to 1560MW of which Equinor will hold 50%.

The wind farm area is located in the Baltic Sea in water depths of 25-35 meters, approximately 81 kilometers from the port of Łeba.

Offshore wind already has a strong foothold as an energy source in Europe with more than 15 GW installed capacity, and with a potential to reach between 50 and 70 GW by 2030. The Polish Baltic Sea has a potential in excess of 8 GW. Poland has recognized the opportunity offered by offshore wind and included it as part of the recently published draft of the Polish Energy Policy.

Equinor views clearly communicated targets along with robust regulatory framework as key success factors for the development of offshore wind sector in Poland and realizing Polish supply chain potential.

The Pasargad Energy Development Company, PEDC, is owned by the Pasargad Financial Group, in which one of its distinctive shareholders is Pasargad Bank, the leading Iranian private bank with a continuous high growth rate.